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Raise the debt ceiling so as not to cause irreparable damage to the economy

Raise the debt ceiling so as not to cause irreparable damage to the economy

(Teleforza) – US Treasury Secretary Janet Yellen has renewed her call to Congress to reach an agreement soon. Increase or extend the public debt ceiling Of the country. The former head of the Federal Reserve stressed that the move should be understood as a “shared responsibility” to avoid serious consequences for the US economy.

As I said in my letter to Congress on July 23rd, increase or suspend your credit limit It will not increase public spending and will not authorize spending on future budget proposals.; This allows the treasury to pay previously declared expenses. Failure to comply with these obligations will cause irreparable damage to the U.S. economy and the livelihoods of all Americans, ”the State Department said in a statement.

In recent years, Congress has been redressing the debt limit by a regular order Broad bilateral support – Yellen continued – In fact, during the last administration, Democrats and Republicans met three times to do their duty.

“Congress must now do it again by increasing or suspending the credit limit on a bilateral basis. The majority of debt within the credit limit has accumulated Before the administration took office. This is a shared responsibility and I urge Congress to meet with both parties as it has done in the past to protect the full trust and debt of the United States, “he concluded.

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